The Jiji Press reports that the Ministry turned down
the request on the grounds that NTT’s business has not
deteriorated remarkably.
NTT has reported profits each year since fiscal year 2002
ended in March of 2003.

In April 2004, NTT reduced accrued pension payments
for around 110,000 current employees by linking the assumed
yield for pension asset investment to 10-year Japanese
government bond yields.
The company’s proposal for cutting the assumed investment
yield for around 140,000 retirees from the present 4.5 – 7%
to the levels for current employees gained agreement in
December 2004 from about 90% of those already receiving
payments, according to the Jiji Press.

Japanese companies must receive approval from the
Ministry to change the design of their pension plans since
the plans are eligible for tax breaks.
This is the first time the Ministry has denied a company’s
request to reduce benefits.